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Monday, August 8, 2011

Another Black Monday? ctd...

Aug 8th, 2011

Not necessarily... but it's going to be a volatile day. AP is reporting that the Asian drops were actually expected to be worse and shines a light on some countervailing forces that might lessen the blows. With just over 4 hours to go before the opening bell in NY, its a nail-biter.

Via AP:

"Most European markets rose and Spain and Italy's borrowing costs dipped to more manageable levels on Monday after the European Central Bank said it would buy the two countries' bonds in order to help them avoid devastating defaults.

Asian markets traded lower but their retreat was not as bad as many had feared over the weekend after a downgrade of U.S. debt. Japan's Nikkei 225 stock average closed 2.2 percent lower at 9,097.56."

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